Whilst the recent degree of calm surrounding the EURO might be good news for the world economy it doesn't help France. As rates in the sovereign bond market have eased the Euro has strengthened against the Dollar and the Pound, this leaves the French economy in a more parlous productivity position, with its goods priced out of foreign markets. Also France has rapidly become less competitive relative to other economies in the Eurozone as high unemployment elsewhere has squeezed down wages in the peripheral economies, whilst France's labour laws keep costs high at home.
This is the major reason why Francois Hollande is calling for an exchange-rate policy (coded language for devaluation) , the last thing on the Angela Merkel's mind. Germany has always wanted a strong currency to drive productivity, particularly since it has a captive export market in the less productive Eurozone.